Goldman Sachs Group Inc. Sells 905,243 Shares of Fifth Third Bancorp $FITB

Goldman Sachs Group Inc. cut its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 14.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,469,747 shares of the financial services provider’s stock after selling 905,243 shares during the period. Goldman Sachs Group Inc. owned approximately 0.83% of Fifth Third Bancorp worth $256,039,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Norges Bank purchased a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at about $649,264,000. Bank of America Corp DE raised its holdings in shares of Fifth Third Bancorp by 16.7% in the third quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock valued at $714,457,000 after purchasing an additional 2,293,939 shares during the last quarter. Alecta Tjanstepension Omsesidigt raised its holdings in shares of Fifth Third Bancorp by 130.6% in the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 3,367,700 shares of the financial services provider’s stock valued at $157,541,000 after purchasing an additional 1,907,400 shares during the last quarter. Capital World Investors raised its holdings in shares of Fifth Third Bancorp by 6.2% in the third quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider’s stock valued at $1,373,490,000 after purchasing an additional 1,803,861 shares during the last quarter. Finally, Smead Capital Management Inc. raised its holdings in shares of Fifth Third Bancorp by 99.9% in the fourth quarter. Smead Capital Management Inc. now owns 3,250,139 shares of the financial services provider’s stock valued at $152,139,000 after purchasing an additional 1,624,138 shares during the last quarter. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $52.01 on Friday. Fifth Third Bancorp has a 52-week low of $37.86 and a 52-week high of $55.44. The company has a 50-day simple moving average of $49.08 and a 200 day simple moving average of $48.47. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market capitalization of $47.14 billion, a PE ratio of 17.45, a price-to-earnings-growth ratio of 1.06 and a beta of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.20. The business had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same quarter last year, the company posted $0.71 earnings per share. On average, research analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Tuesday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 53.69%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Zacks Research downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Jefferies Financial Group increased their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, April 8th. Morgan Stanley lowered their target price on shares of Fifth Third Bancorp from $67.00 to $60.00 and set an “overweight” rating for the company in a report on Tuesday, March 31st. Robert W. Baird increased their target price on shares of Fifth Third Bancorp from $55.00 to $56.00 and gave the company an “outperform” rating in a report on Monday, April 20th. Finally, Wall Street Zen upgraded shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Seventeen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $57.19.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the transaction, the executive vice president owned 189,382 shares in the company, valued at $9,556,215.72. This trade represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $50.77, for a total transaction of $304,620.00. Following the transaction, the executive vice president owned 76,299 shares of the company’s stock, valued at $3,873,700.23. This represents a 7.29% decrease in their position. The SEC filing for this sale provides additional information. 0.51% of the stock is owned by company insiders.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.